Director/PDMR Shareholding

RNS Number : 4498Z

Macfarlane Group PLC

17 May 2019

 

17^th May 2019

Macfarlane Group PLC

Director/PDMR Shareholding

On 17^th May 2019, Peter D. Atkinson (Chief Executive), John Love (Group Finance Director), Ivor Gray (Commercial Director) and Derek Quirk (Company Secretary) were granted conditional share awards over Macfarlane Group PLC ordinary shares of 25p as set out below, under the terms of the Company's Performance Share Plan ('PSP').

The conditional share award is subject to the achievement of performance conditions and if it vests will be released in accordance with the Plan rules. The award is also subject to an additional holding period of two years from the date on which the award vests.

Directors' Shareholdings and Share Interests

Name	Awards	Vesting Date	Total Options Following Grant	Beneficial*
Peter D. Atkinson	330,123	May 2022	330,123	854,172
John Love	163,525	May 2022	163,525	800,000
Ivor Gray	57,266	May 2022	57,266	54,836
Derek Quirk	53,356	May 2022	53,356	-

*including connected persons

The PSP awards made by Macfarlane represent awards over shares worth 100% of the Executive Directors' base salaries, as permitted by the Directors' remuneration policy.  The Company had anticipated making PSP awards at a 50% of base salary level in 2019 (and included a statement in its Directors' remuneration report to this effect) but after consideration and further review by the Remuneration Committee in the period since February 2019, it was determined that awards at 100% of salary should be made in 2019.

The reason for this change of approach was to recognise that these awards are the first PSP awards made by the Company since 2015, and accordingly it was considered to be in shareholders' interests to ensure that our Executive Directors are appropriately aligned to shareholders through slightly larger PSP awards that will directly link potential reward to the future performance of the Company through the PSP.

The PSP awards made to Mr. Gray and Mr. Quirk represent awards over shares worth 50% of base salaries.

The forms required under the EU Market Abuse Regulation follow.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Peter D. Atkinson
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Macfarlane Group PLC
b)	LEI	213800LVRYDERSJAAZ73
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Conditional awards over ordinary shares of 25p each
	Identification code	N/A
b)	Nature of the transaction	Conditional share awards made under the Company's Performance Share Plan.
c)	Price(s) and volume(s)	Award over 330,123 conditional shares at nil cost under the Company's Performance Share Plan.
d)	Aggregated information
	- Aggregated volume	N/A - single transaction
	- Price
e)	Date of the transaction	17th May 2019
f)	Place of the transaction	Grant of share awards occurred outside a trading venue.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	John Love
2	Reason for the notification
a)	Position/status	Group Finance Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Macfarlane Group PLC
b)	LEI	213800LVRYDERSJAAZ73
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Conditional awards over ordinary shares of 25p each
	Identification code	N/A
b)	Nature of the transaction	Conditional share awards made under the Company's Performance Share Plan.
c)	Price(s) and volume(s)	Award over 163,525 conditional shares at nil cost under the Company's Performance Share Plan.
d)	Aggregated information
	- Aggregated volume	N/A - single transaction
	- Price
e)	Date of the transaction	17th May 2019
f)	Place of the transaction	Grant of share awards occurred outside a trading venue.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ivor Gray
2	Reason for the notification
a)	Position/status	Commercial Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Macfarlane Group PLC
b)	LEI	213800LVRYDERSJAAZ73
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Conditional awards over ordinary shares of 25p each
	Identification code	N/A
b)	Nature of the transaction	Conditional share awards made under the Company's Performance Share Plan.
c)	Price(s) and volume(s)	Award over 57,266 conditional shares at nil cost under the Company's Performance Share Plan.
d)	Aggregated information
	- Aggregated volume	N/A - single transaction
	- Price
e)	Date of the transaction	17th May 2019
f)	Place of the transaction	Grant of share awards occurred outside a trading venue.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Derek L. H. Quirk
2	Reason for the notification
a)	Position/status	Company Secretary
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Macfarlane Group PLC
b)	LEI	213800LVRYDERSJAAZ73
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Conditional awards over ordinary shares of 25p each
	Identification code	N/A
b)	Nature of the transaction	Conditional share awards made under the Company's Performance Share Plan.
c)	Price(s) and volume(s)	Award over 53,356 conditional shares at nil cost under the Company's Performance Share Plan.
d)	Aggregated information
	- Aggregated volume	N/A - single transaction
	- Price
e)	Date of the transaction	17th May 2019
f)	Place of the transaction	Grant of share awards occurred outside a trading venue.

Further enquiries:	Macfarlane Group	Tel: [phone]
	Stuart Paterson                                Chairman
	Spreng Thomson	Tel: [phone]
	Callum Spreng	Mob: [phone]

Legal Entity Identifier (LEI):  213800LVRYDERSJAAZ73

Notes to Editors:

·      Macfarlane Group PLC is listed on the London Stock Exchange (LSE: MACF) in the Industrials Sector

·      The company is headquartered in Glasgow, Scotland and has more than 60 years' experience in the UK packaging industry

·      Macfarlane Group's businesses are:

o  Macfarlane Packaging is the leading UK distributor of a comprehensive range of protective packaging products

o  Labels designs and prints high quality self-adhesive and resealable labels, principally for FMCG companies

o  Packaging Design and Manufacture designs and produces protective packaging for high value, fragile products

·      Macfarlane Group employs over 925 people at 30 sites, principally in the UK, but also in Ireland and Sweden.

The company has 20,000+ customers in the UK, Europe and the USA providing 600,000+ lines to a wide range of industry sectors including: consumer goods; food manufacturing; logistics; internet retail; mail order; electronics; defence and aerospace.

 

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